The Food Price Index was stable at 130.8 points in May, with simultaneous increases in cereal and sugar prices, the first decline in vegetable oil prices this year, and the FAO warning of tightening supplies.
- The United Nations Food and Agriculture Organization’s Food Price Index for May averaged 130.8 points, a slight decrease of 0.2% from the revised value in April, but a year-on-year increase of 2.9%. The index remains close to a three-year high, though it is 18.4% lower than the historical peak in March 2022. Increases in grain and sugar prices were offset by declines in vegetable oil and dairy prices, while meat prices remained basically flat.
- The Cereal Price Index averaged 114.3 points in May, up 2.6% from the previous month and up 4.9% year-on-year. Wheat prices rose for the fourth consecutive month, driven by one of the worst U.S. winter wheat crop conditions in decades, with further price increases caused by rising fuel and fertilizer costs. Corn continued to strengthen due to robust import demand in key markets, tightening supplies in Brazil and the United States, and increased demand for ethanol. The Rice Price Index rose 2.7%, influenced by weather concerns in major Asian exporters and higher prices for crude oil derivatives. The Sugar Price Index jumped 7.5% to 95.1 points, marking the highest level since October 2025, fueled by expectations of tighter global supply, a higher proportion of Brazilian sugarcane being converted to ethanol, and concerns that El Niño could affect the new season’s production in India and Thailand.
- The Vegetable Oil Price Index stood at 185.0 points in May, down 4.6% from the previous month and recording its first monthly decline since 2026. Palm oil prices fell after rising for five consecutive months, reflecting expectations of weak global import demand and uncertainties in the crude oil market. The Dairy Price Index fell by 0.5%, with butter prices continuing to decline. The Meat Price Index edged up 0.1%, with beef prices rising further, supported by rapid consumption of China’s import quota and tight domestic supply in the United States. Looking ahead, attention centers on the impact of energy prices on biofuel demand, weather risks in major producing regions, and the continued impact of tightening global supply on food inflation.
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